BiggerPockets Money

Are you beating the average American in personal finances? Today, we’re sharing the average net worth by age to see where exactly you stack up. Whether you’re in your twenties, thirties, forties, or fifties, we have the data showing whether you’re behind (or ahead of) the norm. What do you do if you feel like you’re falling behind? Don’t worry; we’re also giving tips on how every age bracket can improve its net worth. 

Don’t know how to calculate your net worth? It’s easy, and you can do it in minutes after (or even during) this episode. Once you know your net worth, it’s time to decide your next move. Do you need to make more money so you can invest faster? Are you close enough to FIRE that you can let your foot off the gas a bit? Should you buy that new boat? No! Don’t ever buy a boat. 

We’re also sharing our own net worth journeys and the money moves we made that skyrocketed our wealth to millionaire status. You can’t go back in time and copy everything we did, but you CAN copy some of our same strategies to boost your net worth! 

In This Episode We Cover

The average net worth for Americans in their twenties, thirties, forties, and fifties 

How the rich invest differently than most of us (and what they’re buying)

How to calculate your net worth and whether primary residence equity is included or not 

What everyone in their twenties should be doing with their money to secure a comfortable retirement 

Why you DON’T need to be a mega-high income earner to become a millionaire 

The reason Scott thinks YOU should be starting a business to FIRE faster 

And So Much More!

Links

BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop

BiggerPockets Money 416 - Codie Sanchez: These “Boring Businesses” Will Make You Rich

BiggerPockets Money 491 - Why You DON’T Need a College Degree to Reach Financial Freedom w/Adrian Zapata and Javier Leyva

Visual Capitalist Composition of Wealth

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-586

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There’s a “middle-class trap” that can keep anyone from FIRE—yes, even high-income earners. Today’s guest has a sizable nest egg that should allow her to retire early, but there are a few roadblocks in her way!

At forty-seven, Allie has already built a net worth of $3,800,000. She would like to retire, and most people would assume she has enough to retire, but there are two problems. First, she lives in Orange County, California, one of the most expensive areas in the U.S., and has no plans to leave. The other issue? She has no cash! All of her money is tied up in home equity and retirement accounts. To retire, Allie has a BIG bet to make—one that could have a multi-million-dollar impact on her portfolio!

Using Scott’s “Keep or Sell Your Home” worksheet, we’ll look at whether it would make more sense for Allie to keep or sell her Laguna Beach property. Will turning this home into a rental property give her the cash flow she needs, or is selling it and investing in the stock market the better long-term play? Tune in as we attempt to thread the needle and provide Allie with the best roadmap for a long, early retirement!

In This Episode We Cover

What Allie should do to reallocate her $3,800,000 nest egg and achieve financial freedom

What to do with money locked up in home equity and retirement accounts

Keeping your home as a rental property versus selling it and investing elsewhere

Creative ways to improve your cash position so that you can retire early

Building wealth with short-term rentals, live-in flips, and other real estate strategies

Escaping the “middle-class trap” of earning high income in a high-cost-of-living area

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Email Mindy: [email protected]

Email Scott: [email protected]

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Buy Scott’s Book, “Set for Life”

Find an Investor-Friendly Agent in Your Area

Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement

(00:00) Intro

(01:00) Allie’s Money Journey

(03:36) Money Snapshot

(13:50) Retiring in Laguna Beach

(19:01) Keeping vs. Selling Her Home

(26:06) The BIG Bet on Real Estate

(34:01) Growing Cash & Renting Her Home

(43:41) Real Estate vs. Stocks

(52:02) What Should Allie Do?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-585

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Is frugality overrated? Is hustle culture a waste of time? Do we over-save for retirement? You don’t have to look very far to find a hot take online, but is there some truth to these opinions? Today, we’ll wade through bad financial advice, bust common money myths, and (hopefully) find some personal finance tips we agree with!

Welcome back to the BiggerPockets Money podcast! Personal finance is personal for a reason. Spending, saving, and investing vary from one person to the next based on their habits, risk tolerance, and season of life. But how much advice is just flat-out wrong? In this episode, Mindy and Amanda Wolfe are breaking down some of the internet’s wildest views on money. First, we’ll share some of the biggest lies we were told about money when we started our financial independence journeys—like “the stock market is too risky” and “you should work until age sixty-five.”

Then, we’ll dive into seven controversial opinions and whether there’s any validity to them. Should FIRE-focused folks ever take work sabbaticals? Is a one or two-month emergency fund enough in 2024? Is being a lifelong renter ever a savvy move? Which takes do we oppose, and which advice is actually worth following? Stay tuned to find out!

In This Episode We Cover

The biggest lies about money Mindy and Amanda used to believe

Whether work sabbaticals are a smart use of money on the journey to FIRE

The case against budgets and why you probably have one (even if you think you don’t)

Whether Americans save TOO much money for retirement (and why!)

Why it’s not overkill to keep a six-to-twelve-month emergency fund in 2024

The costs of buying a house and whether renting is ever the better retirement play

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Email Mindy: [email protected]

Email Scott: [email protected]

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BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic

BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

Amanda’s Website

Reach FIRE Faster with the Book “Set for Life”

Find an Investor-Friendly Agent in Your Area

Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth

(00:00) Intro

(00:58) Money Lies We Used to Believe

(03:25) Sabbaticals Are “Irresponsible”

(07:33) I Don’t Budget!

(11:47) We Save TOO Much

(19:54) Frugality Is Overrated

(25:45) Hustling Is a Waste of Time

(32:23) I’d Rather Rent Than Buy

(34:57) Your Emergency Fund’s Too Big

(41:42) Connect with Amanda!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-584

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If you follow the almost unbelievable path of today’s guest, you, too, could achieve financial independence in your thirties. Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what Andrew Schrader did. 

After racking up six figures in car loans and student debt, Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world (the coworker was FI), Andrew knew exactly what his next goal was.

So, he set out to do the impossible: Stretch his dollar as frugally as possible, spending in a year what many Americans live off of for a month and taking calculated bets that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans. 

In This Episode We Cover

How to reach financial freedom in your thirties by taking “calculated” risks 

The exact method Andrew used to pay off $100,000 in debt 

Why house hacking may be the single best decision for FIRE-chasers 

Why Andrew put an entire home renovation on a credit card when he was close to broke

Emergency funds 101 and why it’s crucial to have money in the bank when buying real estate 

Saving tons of money by cutting out a “category” every month 

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Join BiggerPockets for FREE

Email Mindy: [email protected]

Email Scott: [email protected]

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Finding and Funding Great Deals

Raising Private Capital, Revised Edition

Wealth without Cash

Andrew’s YouTube Channel 

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Grab "The Book on Investing in Real Estate with No (and Low) Money Down"

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House Hacking 101: What It Is and How to Get Started

Connect with Andrew

(00:00) Intro

(01:48) Stock Betting and $100K Debt

(04:12) Watching His Coworker FIRE

(07:16) Income and “Overtime”

(08:41) Taking SERIOUS Risk (BIG Reward!)

(16:21) 10Xing His Money

(19:46) Rock Bottom Expenses

(27:34) Building a Business

(36:45) Quit His Job?

(43:16) Make the RIGHT Bets

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-583

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Would you move abroad to reach FI faster? That wasn’t Brooklin Nash’s original goal when he left the US and began freelancing from afar. But now, years later, he realizes how much of a leg up he has financially by going all-in on “geo arbitrage.” He’s saving a boatload in Guatemala, paying less to live the life he loves, and enjoying a tiny tax bill. Now in his mid-thirties, he’s already Coast FIRE and works when and where he wants.

But Brooklin’s money story didn’t start so stable. Being raised in a home with “risky” finances, to say the least (pyramid schemes, gambling, etc.), left him scarred and constantly worrying about keeping enough money in the bank. Thankfully, he changed his ways and realized that making money, rather than just saving every cent, was crucial to becoming financially free.

He’s paid off a significant sum in student loans and did it all while making a very meager income. Then, he scaled from freelancing abroad to building an entire business, making a phenomenal income while living in a low-cost-of-living area. He’s living his dream life outside the US, making more money than Americans at home. Imagine what THAT can do for your FIRE number! 

In This Episode We Cover

Using “geo arbitrage” to save more, invest more, and lower your cost of living 

An almost unbelievable income tax exclusion Americans abroad can access 

How Brooklin paid off $80,000 in student debt (even on a lower income)

Turning your freelancing work into a full-blown (and VERY high-paying) business 

Why the optimal FIRE lifestyle may actually include working a few hours a day 

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Join BiggerPockets for FREE

Email Mindy: [email protected]

Email Scott: [email protected]

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Beam Content

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Reach FI Faster with “Set for Life”

Find an Investor-Friendly Agent in Your Area

The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?)

Connect with Brooklin

(00:00) Intro

(01:00) Pyramid Schemes, MLMs, and Risky Bets

(04:35) Paying Off $80K Debt

(10:30) Finding FIRE and First $100K

(14:19) Freelancing to Boost Income

(16:40) Building His Business

(20:11) FIRE Progress

(26:40) Why Live in Guatemala?

(30:54) Investing from Abroad

(32:43) Geographic Arbitrage 101

(38:19) Connect with Brooklin!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-582

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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Could a few years of aggressive saving put you in the fast lane for financial independence? Is the grind even worth it? Today’s guest was well on his way to a comfy retirement but had never thought about retiring early. Then he discovered the FIRE movement, and with just four years of all-out hustle, he was able to retire at fifty!

Welcome back to the BiggerPockets Money podcast! In 2020, Eric Reinholdt experienced a financial “awakening” that set him on a death march to FI and early retirement. For four years, he minimized his spending, maximized his savings, and threw every extra dollar at his investments. Today, he’s “chubby FI,” has a paid-off house, and is recently “retired”— working just ten hours per week on his own business while preparing to travel the world in 2025!

But was the glamorous destination worth the grueling journey? Should Eric have started earlier or slowed down to reach his FI number? Tune in to hear about the major lifestyle changes he and his wife made to accelerate retirement, the different levers he pulled to grow his nest egg, and the steps you might need to take if you want to replicate his success!

In This Episode We Cover

How this entrepreneur reached “chubby FI” by the age of fifty

When to slow down and enjoy the journey to financial independence

Flexing your “spending muscle” while saving for an early retirement

Why building your own business gives you a huge “buffer” for FIRE

Why you need monthly financial check-ins with your significant other

What Eric plans to do in retirement (and why he’s NOT giving up work entirely!)

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Join BiggerPockets for FREE

Email Mindy: [email protected]

Email Scott: [email protected]

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Buy Scott’s Book, “Set for Life”

Find Investor-Friendly Lenders

FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement

(00:00) Intro

(01:25) Discovering FIRE

(05:01) Major Lifestyle Changes

(14:15) High Income + Low Expenses

(22:53) “Retired” at Age 50

(27:08) Eric’s Investment Portfolio

(33:35) Life in Retirement

(37:14) Connect with Eric!

(38:06) A “Cheat Code” for Wealth!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-581

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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Is paying off debt or investing (and potentially using more debt) the best way to reach FIRE? The average American has $104,215 in mortgages, student loans, credit cards, and other debt. Where do YOU stand? If the end goal is FIRE, you need a game plan for your debt, in which case this episode is for you!

Welcome back to the BiggerPockets Money podcast! Not all debt is bad. When used responsibly, it can be a powerful tool that allows you to buy appreciating assets and hedge against inflation. Today, guest co-hosts Kyle Mast and Amanda Wolfe join our panel to share their thoughts on debt. We’ll share how much debt we each have (ranging from zero to millions), how our philosophies on debt have evolved, and how debt can ultimately help you reach FIRE.

But that’s not all. We’ll also discuss the types of bad debt that could derail your FIRE journey and the investments you don’t want to be stuck with during an economic downturn. We’ll even get into the most important financial protection against debt risk—savings and reserves—and why these funds should grow proportionally to your debt!

In This Episode We Cover

Paying off debt versus investing (and which strategy is best for FIRE)

Why well-leveraged debt is one of the best long-term hedges against inflation

The types of debt that could propel you toward an early retirement

“Bad” real estate investments you don’t want to be holding during a market downturn

The most irresponsible uses of debt (that you should avoid at all costs!)

Why you should always grow your savings and reserves in tandem with debt

How much debt WE have (and how our opinions on debt have changed)

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Join BiggerPockets for FREE

Email Mindy: [email protected]

Email Scott: [email protected]

BiggerPockets Money Facebook Group

Buy Scott’s Book “Set for Life”

Find Investor-Friendly Lenders

Pay Off Student Loans or Invest in Real Estate: Which Makes You Wealthier?

Connect with Kyle

Amanda’s Website

(00:00) Intro

(01:23) How Much Debt WE Have

(06:15) Paying Off Debt vs. Investing

(13:46) Starting Your FIRE Journey

(21:51) Debt Strategy 101

(31:38) “Unreasonable” Debt

(38:23) Bad Real Estate Investments

(46:48) Key Takeaways

(50:18) Connect with Kyle and Amanda!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-580

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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Yes, it’s possible to retire early, even if you’re just now diving into the FIRE movement. Early retirement could be within reach whether you’re in your twenties, thirties, forties, or fifties. Imagine having complete freedom in a decade or less: no office politics, no boss, and, best of all, no spreadsheets! That’s the life Arik Peterson built when he retired early at forty-four, leaving behind a demanding career in corporate investing.

After reading Mr. Money Mustache’s unmatched FIRE blog, Arik drastically changed his saving and investing habits, increasing his savings rate to seventy percent and redirecting his money into simple, steady investments many overlook. Today, his life looks vastly different—he spends his days fishing, biking, creating art, and working on DIY projects instead of staring at a computer screen, crunching numbers.

In this episode, Arik shares his complete strategy for reaching financial independence, why he’s skeptical of the 4% rule, his current investment choices, and how an unexpected layoff turned into his golden opportunity. Ready to ditch corporate America? Follow Arik’s plan!

In This Episode We Cover

Why you must increase your savings rate if you want to reach FIRE fast 

The simple, low-cost investment Arik has in his early retirement portfolio 

Why you don’t need to follow the 4% rule to finally quit your job and retire

Making money in retirement and living off of side income streams

Arik’s killer advice for Roth investing that could make you tax-free millions 

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Email Mindy: [email protected]

Email Scott: [email protected]

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Live Long Live Often

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Get to FIRE Faster “Set for Life”

Find an Investor-Friendly Agent in Your Area

What to Do Before You Quit the High-Pay & Benefits of Corporate World

(00:00) Intro

(00:58) Discovering FIRE

(02:11) A VERY Stressful Job

(04:58) Secret to Get to FIRE Faster

(08:35) “Obsessing” Over Money

(10:16) What He Invests In

(12:44) Ignore the 4% Rule?

(14:22) FIRE at 44!

(17:07) Connect with Arik!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-579

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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Should you move to reach FIRE? And if so, where to? In this episode, we’re pulling back the curtain and revealing the best places to retire in the US in 2024. Living in one of these states could help fast-track financial freedom, and moving there for retirement could help your nest egg go further and improve your quality of life!

Welcome back to the BiggerPockets Money podcast! Alex Gailey, a lead data reporter at Bankrate, has ranked all fifty states for retirement based on five weighted “buckets” made up of dozens of crucial data points. Today, she joins the show to share her findings with us. Whether you’re looking to put down roots in a low-cost-of-living area or find a location that delivers your ideal retirement lifestyle, this list of states is a useful launching point for one of the most important life decisions you’ll ever make!

In this episode, you’ll learn how changing your address could accelerate your financial independence timeline and allow you to retire early. Alex will break down the five factors people value most in retirement—affordability, well-being, cost and quality of healthcare, weather, and crime. Stay tuned to find out which states came out on top and which states you might want to avoid. The results even surprised us!

In This Episode We Cover

Breaking down Alex’s list of best (and worst) states to retire in the US

How to accelerate your FI timeline simply by changing your address

The top five “buckets” that make up an ideal retirement destination

The most crucial factors to consider when choosing where to retire

How to take advantage of unique opportunities in high-cost-of-living areas

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Email Mindy: [email protected]

Email Scott: [email protected]

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Best and Worst States for Retirement

Alex’s Twitter/X

Buy Scott’s Book “Set for Life”

Find an Investor-Friendly Agent in Your Area

How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom

(00:00) Intro

(01:26) Alex’s Criteria

(05:05) Best and Worst Places to Retire

(11:38) Biggest Surprises

(22:32) Retiring in an Expensive Area

(29:10) Connect with Alex!

(29:43) Accelerate Your FI Timeline!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-578

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Are you saving TOO much for retirement (or early retirement)? Could you retire years sooner than you think? Will retirement expenses be even less than what you spend now, allowing you to reach FIRE faster with a smaller nest egg? Today, we’re getting into that exact question as Finance Friday guest Ethan asks how he can ensure he’s on the right track for early retirement by age fifty-five. And if you’re like Ethan, you could retire RIGHT NOW…but should you?

Ethan is spending a LOT of money every month. He’s got two kids in private school, extracurricular sports fees, pricey car payments, and a mortgage. The good news? He’s raking in cash at his high-paying tech job! His current expenses cost him nearly $20,000 per month, but this number could be cut in half (if not more) once his kids leave the house. This means that his FIRE number might be a fraction of what he thinks it has to be to retire early.

Speaking of early retirement, is it wise to leave such a high-paying career to sit on the beach all day? Ethan has the skills and the energy to make a sizable income, so what should he do instead of full-time work once he reaches early retirement? Should he transition to part-time consulting, focus more on rental property investing, or buy a business?

In This Episode We Cover

Why your FIRE number may be WAY off from what you need to retire early 

The retirement expenses that disappear once your kids are out of the house 

Making money in retirement and whether buying a hands-off business is your best bet

Planning for future weddings and how much you should set aside for your kid’s big day 

Limiting your taxes by qualifying for real estate professional status (REPS)

Whether or not you’re keeping too much cash on hand (is the bank account interest worth it?)

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Join BiggerPockets for FREE

Email Mindy: [email protected]

Email Scott: [email protected]

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Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Get on the Path to Early Retirement with “Set for Life”

Property Manager Finder

Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper

(00:00) Intro

(04:27) Money Snapsho

(12:44) Current Net Worth

(15:11) Work Less, Travel More?

(21:10) Early Retirement Expenses

(27:02) Buy Rentals for Retirement Income

(33:59) Paying Too Much in Taxes

(38:22) Downsizing Houses and Next Steps

(44:40) Saving for Future Weddings

(48:52) How Much Do You NEED to Retire?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-577

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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